2020 Annual Meeting of Shareholders

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Vista Group International Ltd, L3, 60 Khyber Pass Road, Newton, PO Box 8279, Symonds St, Auckland 1150, NZ





MARKET ANNOUNCEMENT
28 May 2020, Vista Group International Ltd, Auckland, New Zealand

Chair’s Address and Group CEO’s Address - 2020 Annual Meeting of
Shareholders
Chair’s Address (Kirk Senior)
2019
Whilst it seems like an eternity ago, I thought I would comment briefly on how we ended up in
2019, before moving on to where we are at today and then, most importantly, where we are
heading.
We completed 2019 with a resilient set of results as the Group continued to expand its
geographic, market and customer reach – continuing our purpose of ‘Enhancing the
Moviegoer Experience’. With revenue up 11% for the year to $144.5m, the Group has tripled
in size since listing in 2014. We continued to be profitable and maintained a strong balance
sheet. Importantly, we maintained strong customer loyalty and support.
This result was achieved whilst we commenced a number of important initiatives that we
expect will deliver value over the medium and longer term. The most significant of these
initiatives is the commitment to accelerate the transition of Vista Cinema to a SaaS future –
building the Vista software to operate in a SaaS Cloud based environment. This is a
transformative project for the future of the Group that will continue our innovation leadership
and customer centricity.
In addition, we have initiatives under way to simplify and scale our core businesses, to
increase our Target Addressable Markets by entering into new countries and expanding our
product portfolio, to push faster in our commitments to innovation, and to better understand
moviegoers. Each of these initiatives is underpinned by a focus on growing recurring revenue.
Let’s not forget, the global box office had a good year in 2019, with US attendance only
slightly down on a record 2018, and Europe numbers up 4.5% to a historical high, with record
numbers also in France, the UK and Russia.
Off the back of a strong global film industry, our two core businesses of Vista Cinema and
Movio in combination grew by 16% in 2019, with Vista Cinema up 17% and Movio up 13%.
The focus on recurring and SaaS revenue continues to deliver benefits and we have made
this an important theme going forward.
That was 2019.

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Vista Group International Ltd, L3, 60 Khyber Pass Road, Newton, PO Box 8279, Symonds St, Auckland 1150, NZ
2020 – our response to the pandemic
Now I’d like to focus my comments on our response to the Covid-19 pandemic that has had
such an impact on our world, and caused significant disruption in the film industry. For the
past two months, almost all cinemas around the world have been closed. With no revenue
flowing to cinema operators, the flow on effect to us, from a revenue and collection of
receivables perspective, has been significant.
However, we acted swiftly.
• We’ve actively engaged with all our customers and are working with them to get through
this closure period, but also to ensure that they are adequately equipped to reopen
strongly at the appropriate time;
• We undertook an immediate round of cost cutting measures to preserve cash and will
ensure we are appropriately structured to operate an efficient and effective business
going forward;
• We cancelled our China transaction and cancelled our final dividend;
• We’ve engaged with governments in multiple jurisdictions on support initiatives;
• We’ve engaged with our bank (the ASB), who have been very supportive in flexing up
our debt facilities and covenants; and more recently
• We completed a successful equity raise of $65m via an institutional placement and pro-
rata accelerated non-renounceable entitlement offer. The capital raise was
overwhelming supported by our institutional and retail shareholders alike – we were
particularly pleased with the 90% effective take up by our retail shareholders. A
tremendous result which reflected well on the confidence, strength and future potential
of our business – Thank you.
The Future
By acting swiftly and decisively, we have put the company in a very strong position once
cinemas reopen. So, when will that be, and how quickly will cinemas recover?
Our liquidity planning for the capital raise assumed a downside scenario where global cinemas
would remain closed for the rest of 2020, reopening throughout 2021 but with a slow ramp up.
It was responsible to plan for that scenario – anything better than that will be a significant
benefit.
We simply don’t know how and when governments will ease lockdown restrictions; we don’t
know if there’ll be further outbreaks; we don’t know how consumers will behave in a new
social distancing world.
However, I am cautiously optimistic – we are already seeing governments gradually easing
restrictions, we are already seeing cinemas opening in some parts of the world, including New
Zealand, and we know there is a strong pipeline of great new movies ready for consumption
when a critical mass of cinemas is up and running. We are all social beings and there is
enormous pent up demand from people of all ages to socialise – watch sports, go to
restaurants and escape to their favourite cinema to watch the latest blockbuster or
sophisticated upscale Oscar contender.
But of course, it is highly likely that cinema going will be different, at least for a while. Vista
Group has taken a lead role in helping the cinema industry adapt to the “new normal” and
enabling us to further enhance the moviegoing experience and help our customers get people
back into their cinemas. Kimbal will take you through some of these specific great initiatives.

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Vista Group International Ltd, L3, 60 Khyber Pass Road, Newton, PO Box 8279, Symonds St, Auckland 1150, NZ
We expect our customers are going to adapt and change the way they approach their
business so we likewise are also taking the opportunity to rethink and challenge all aspects of
our business and how we can be better in the future.
• How we are structured and how we work;
• How we interact with our customers and better support them in their new challenges;
• How we prioritize development spend and how we can maximize returns; and
• Most importantly - How we deliver superior shareholder return - these are not just words;
they will be backed up by actions and I’m personally excited by what the future holds.
We have put the Group in the best possible position of not only making it through this
pandemic but emerging from it in a very strong position.
• A strong balance sheet;
• A structure focused heavily on margin growth;
• Advanced investment in our critical SaaS project;
• A very focused and strong customer relationship;
• Great opportunities to grow our market share; and
• A first-class management team.
The Board is very pleased with the effort of our CEO, Kimbal Riley, and his Executive
Leadership Team – they have performed outstandingly well in these very difficult times. So,
thank you Kimbal, Matt, Kelvin, Leon, Will, Grant, Evan, and the many others that make this
such a great place to work and with such an exciting future.
I’ll now handover to Kimbal, who will take you through some more of the detail.
Group CEO’s Address (Kimbal Riley)
Thank you, Kirk
2019 was a solid year for Vista Group - a year in which we took decisions of consequence for
our long-term future – decisions which continue to be at the core of our strategies.
Before I talk about 2020, I want to run through some of the highlights of 2019.
As we noted in announcing our 2019 results in February, a solid second half performance
underpinned a result for the 2019 year in line with our guidance. Revenue growth was
highlighted by the 16% growth achieved by the core businesses – Vista Cinema and Movio –
and market share in the Enterprise cinema space excluding China broached the 50% mark for
Vista Cinema.
Our Additional Group Companies segment also showed solid revenue growth and a
turnaround in profit in 2019.
The Group exited 2019 with a solid balance sheet and a strong cash position.
This is the slide we used in the 2019 results announcement, highlighting the key financial
metrics the Group achieved. Good recurring revenue percentages and very satisfactory
EBITDA and operating cashflow were the key aspects of the result.
We achieved some important operating metrics in the core businesses in 2019. It was really
pleasing to see Vista Cinema get to over 8,000 cinema sites – and when you add in the nearly

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Vista Group International Ltd, L3, 60 Khyber Pass Road, Newton, PO Box 8279, Symonds St, Auckland 1150, NZ
1100 cinemas using Veezi you arrive at a total including China of just over 9,000 sites. It’s a
pretty substantial footprint of customer adoption.
Movio Cinema and Movio Research both had strong years in 2019, with the launch of Movio
Media into a second country – the UK – also noteworthy.
And it was pleasing to see the revenues from the ecosystem surrounding the Vista Group
moving past $6million, a strong indication of the halo effect of our customer relationships.
I will now discuss 2020, in particular the COVID-19 pandemic – the impact, our response, and
our positioning to move on post COVID.
As Kirk mentioned, we had a solid first quarter result for 2020, with results ahead of the same
period in 2019 and on track for the guidance we had provided for 2020. This was despite the
latter part of the quarter beginning to feel the impacts of the COVID pandemic.
It was the first week of March, during our investor roadshow in New Zealand and Australia,
that we first experienced peoples’ anxiety about handshaking and having to preface all our
comments with ‘depending on the trajectory of the COVID pandemic’. The following week we
were undertaking a one-day Group-wide test of our ability to work from home (this went
extremely well). Roll forward another week and we were running daily video calls with the
global executive team assessing the trajectory of the pandemic in different countries, the
impact on our customers, and the actions and initiatives we needed to execute. And a week
later we were all working from home across our worldwide operations.
I think it’s fair to say that it was a rapid and intense learning experience for our company – in
common no doubt with most other companies and communities.
Cinemas worldwide closed as a result of the COVID-19 pandemic, either on their own initiative
or as a result of government restrictions. This has caused significant financial stress in the
cinema segment of the industry, and as a result many cinema customers are unable to pay
their accounts on time – or in fact be able to indicate when or if they might be able to pay.
To this point the studio and distributor segments of the market have been less impacted by the
pandemic. This has enabled Additional Group Companies businesses MACCS and Powster to
continue to trade satisfactorily, albeit at slightly subdued levels.
Our people have – in common with many others – all been working from home as a I
mentioned earlier, and the vast majority have volunteered to work less hours for less pay. This
combined with government wage subsidies and the salary sacrifices from the Board and the
executive team has helped to offset our labour costs significantly.
Our guiding principles in dealing with the impacts of the COVID pandemic have been to focus
on three priorities:
• Number one: to ensure we look after our people in New Zealand and around the world;
• Number two: to engage with our customers and to actively support them; and
• Number three: to undertake a series of actions to ensure we as a company would come
through this pandemic stronger and more agile.
I’m very pleased to say that we feel that we are achieving well on all three priorities.
Our people have been outstanding. They have taken to working from home quickly and
painlessly, and we have seen little evidence of any productivity issues. In fact, in some cases
the reverse, the Cinema Re-opening Kit created by Vista Cinema has been imagined,
designed, promoted, and built with great speed – genuinely ‘Better Software Faster’.

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Vista Group International Ltd, L3, 60 Khyber Pass Road, Newton, PO Box 8279, Symonds St, Auckland 1150, NZ
Our people have also leant into supporting our customers and our company. We have seen
strong multi-level engagement with customers, and the vast majority of our people have
volunteered to reduce their hours of work (and therefore their salaries) from the beginning of
April. This in combination with support in the form of wage subsidies in New Zealand and the
other major jurisdictions in which we operate has added to the salary sacrifices from our Board
and exec teams and has made a considerable difference to managing our cash flow.
Our People and Culture team and our leaders have worked diligently to support our people
working from home, and ensured we have a frequent and engaging communication strategy.
We’ve also seen some wonderful remote entertainment offerings created by people in all our
offices.
Our second priority was to ensure we engaged pro-actively with our customers and cemented
our partnership with them. Many of our cinema customers, with their sites closed, have been
under financial stress, and we’ve been working with them to ensure we have clear
understandings around cash collection consistent with their financial state. We are in the
fortunate position where the solutions the Group offers (in particular Vista Cinema) are
essential to the operation of cinemas - this places us high up the priority list when cinemas are
reviewing their accounts payable.
Whilst a number of our customers have furloughed significant numbers of their employees,
we’re still seeing a sustained low-key level of engagement around new initiatives – site roll-
outs, new modules implementation, and ongoing professional services work. We’ve also seen
some success in winning business with new customers – primarily in EMEA (Europe, The
Middle East & Africa) with both Movio Cinema and Vista Cinema signing new deals. The
green shoots are not widespread yet, but they are there in places.
A key indicator of the success of our engagement with customers has been the response to
some new initiatives:
• Vista Cinema has worked with cinemas in the USA to re-configure mobile apps to
enable their customers to purchase popcorn and other items through kerb-side pickup;
• Vista Cinema has released the Cinema Re-opening Kit to really strong demand – with
the Dynamic Social Distance seating capability very popular and already in use in
cinemas that have opened in Texas;
• Vista Cinema has partnered with a local NZ company – Shift72 – to enable cinemas to
implement their own branded TVOD (Transactional Video on Demand) platforms, with
customers already live in the USA and New Zealand;
• Movio has launched ‘tea with Movio’ – a weekly webinar series around best practice;
and
• Movio has launched Movio Research 2.0 – in the USA and the UK and Australia –
focused on increased self-service for studios.
We are confident that we have cemented already strong relationships with our customers and
that when they open – this is the key question – they will be relying heavily on our solutions
and our support to operate in a post-COVID world.
The solutions in the Cinema Reopening Kit from Vista Cinema (Dynamic Social Distancing
seating plans, contactless payment options on multiple sales channels, and support for
stringent cleaning protocols) are huge value adds for the cinema community.
Our third priority was to ensure we moved into the post-COVID world stronger and more agile.
We have strong fundamentals and we stand ready to emerge from the pandemic well
capitalised (as a result of support from all stakeholders – shareholders, Board, exec team,

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Vista Group International Ltd, L3, 60 Khyber Pass Road, Newton, PO Box 8279, Symonds St, Auckland 1150, NZ
staff, suppliers, banking partners and customers), with enhanced relationships with our
worldwide customer base and positioned as key partners to the global film industry.
Our solutions are critical to the operations of cinemas globally – as evidenced by the ongoing
engagement we have at multiple levels with our customers and highlighted by the small green
shoots of new customer wins – a terrific vote of confidence in our company.
We are extremely grateful to our shareholders for their support of our recent capital raise – it
has helped ensure we will be stronger and more agile for our customers post-COVID. In that
regard I’d like to acknowledge the work of the Board, our advisors and key executive staff in
executing on this in record time in late April.
I’d also like to acknowledge the support of our banking partners during this time – they have
been very pro-active and positive.
We are quietly confident – that when cinemas re-open, and moviegoers become comfortable
with social distancing and associated measures - that there will be pent up demand from
people wanting to be able to watch top quality content in a theatrical setting – one of the
defining entertainment experiences available to us all.
With our balance sheet strengthened and our cash position strong, we have been working
hard to review the way we are organized against an expectation that our customers priorities
will be different in shape than they were in the pre-COVID world.
This review is ongoing and encompasses the way we are structured globally, the manner in
which we engage with our customers, and the priorities we are pursuing in innovation. This
latter point includes our project to move Vista Cinema to a SaaS world.
We remain 100% committed to delivering to a SaaS future for Vista Cinema – we are
reviewing the sequence and overall timetable of this key project based on our assessment of
our customers priorities post-COVID.
We remain in dialogue with our partners in Vista China, however there is no current proposal
to revisit our purchase of additional equity in Vista China – which original proposal we
terminated in March.
We withdrew our guidance around revenue and EBITDA for the 2020 year earlier in March.
Today I re-iterate that position. Until we see the trend of cinema re-opening start to become
clear we are unable to provide any medium or long-term guidance.
I believe however that, given the global COVID pandemic situation, we are in an excellent
position – with a strong team, outstanding relationships with customers who are valuing us
more than ever, the balance sheet to see us through an extended COVID period, and a small
but growing sense of momentum across the business.
ENDS
For further information please contact:
Kimbal Riley
Chief Executive Officer
Vista Group International Ltd
Contact: kimbal.riley@vista.co


Matt Cawte
Chief Financial Officer
Vista Group International
Contact: matt.cawte@vista.co

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VISTA GROUP 2020ANNUAL MEETING OF SHAREHOLDERS
28 May 2020

AGENDA
INTRODUCTION & CHAIRMAN’S ADDRESS
KIRK SENIOR
GROUP CEO’S ADDRESS
KIMBAL RILEY
2
RESOLUTIONS
RESOLUTION 1 –Appointment of Auditors and Auditors’ Remuneration
RESOLUTION 2 –Re-election of Brian Cadzow as a Director
RESOLUTION 3 –Re-election of James Ogden as a Director
QUESTIONS
GENERAL BUSINESS

CHAIRMAN’S ADDRESS
3

VISTA GROUP SUMMARY FROM THE CHAIR
•2019 strong finish, set up for 2020
•Good Q1 2020, was on track for growth
•Pandemic –Acted swiftly
•Emerging in a very strong position
4

VISTA GROUP SUMMARY FROM THE CHAIR
Post COVID-19
•A strong balance sheet
•A structure focused heavily on margin growth
•Advanced investment in our critical SaaS project
•A very focused and strong customer relationship
•Great opportunities to grow our market share
•A first-class management team.
5

GROUP CEO’S ADDRESS
6

VISTA GROUP –2019 RESULTS
Solid 2
nd
halfperformance underpinned results in line with guidance.
•Group revenue growth of 11% highlighted by 16% growth for core
business
•Solid underlying EBITDA performance
•SaaS revenue now 33%, recurring revenue steady at 61% up $8m
•Good revenue growth and a strong profit improvement from AGC
•Balance sheet remained strong with low debt and a strong
cash position
•Vista Cinema market share of Enterprise (20+ screens segment)
excluding China was 51%, up from 48%
7

RECURRING REVENUE
$88.2m
(up 11%)
OPERATING PROFIT
$21.3m
(down 14%)
TOTAL REVENUE
$144.5m
(up 11%)
OPERATING CASHFLOW
$15.5m
(down44%)
EBITDA
1
$31.1m
(down5%)
1
EBITDA is a Non-GAAP measure and is defined as earnings before net finance costs, income tax, depreciationandamortisation, acquisition expenses, capital gains/losses,
impairment losses and equity-accounted results from associates and joint venturecompanies.
8
FINANCIAL HIGHLIGHTS
8

OPERATING METRICS OF THE CORE BUSINESSES IN 2019
VISTA CINEMA
Cinema management software for all the world’s
cinemas
•857 new sites,143 in China
•Total 8,059 sites, 1,101 China
•Customers in 116 countries
•Enterprise market share (excluding China) 51%,
40% with China
•Whole cinema market share (excluding China) 40%,
29% with China
•Revenue from non-software ecosystem over $6m –
highlighted by hardware and payment partner fees.
MOVIO
World leading, data driven, marketing tools to the
global film industry
•Movio Cinema grew 19%, increasing footprint to 57
countries
•Movio Research Global grew 15%, with 100% of
Research revenue now recurring in nature
•Movio Media, digital campaign revenue up 68% in
2019, direct campaign revenue down 16% and slate
agreement executed with A24.
9

THE COVID PANDEMIC
10

COVID-19 PANDEMIC IMPACTS
MARKET
•Cinemas worldwide closed
•Movie release schedules largely deferred to later in 2020 or 2021.
CUSTOMERS
•Cinema closure impacts customers financial position
•Many cinema customers are unable to pay their accounts on time
•Studio and distributors less impacted to date
•Additional Group Companies businesses –MACCS and Powster –trading satisfactorily.
PEOPLE
•All staff working from home and over 80% are working reduced hours for reduced pay
•Board and exec have volunteered salary sacrifices
•Government wage subsidies help to offset labour costs.
11

RESPONSE TO COVID-19
PRIORITIES
•Look after our people
•Engage with our customers and actively support them
•Ensure we come through COVID-19 stronger and more agile.
OUR PEOPLE
•All working from home –assisted our excellent IT teams and supported by P&C
•Working from Home –only marginal productivity loss
•Our people leant in to reduce their hours and their income.
CUSTOMERS
•Multi-level engagement with customers
•Agreed payment plans where necessary
•Innovative ideas to support customers
•Enabling Kerbside pickup in our mobile app for customers
•Created a Cinema Reopening Kit with features supporting Dynamic Social Distancing, contactless payment and
ordering, and contact tracing
•Partnered with a local NZ firm –Shift72 –to enable cinemas to offer their own TVOD solution
•Launched Movio Research 2.0 –enabling greater self service –in the USA, UK, and Australia
•Produced 'Tea with Movio' –a weekly webinar series on best practice.
12

CINEMA REOPENING KIT
13

WELL POSITIONED FOR RECOVERY POST COVID-19
STRONG
FUNDAMENTALS
•Well capitalised
•Leading global provider of software and data analytics solutions to the industry
•Large and loyal global client base
•Business critical solutions
•Pro-actively customers supporting during and post Covid-19
•New business wins over the Covid-19 period
•Excellent support from banking partners.
14

LOOKING FORWARD -OUTLOOK
LOOKING
FORWARD
•The timing of cinema re-opening, and the response of movie-goers once cinemas re-open remains
uncertain
•We continue to review our operations and structures to ensure we are best positioned to navigate this
uncertainty
•We remain committed to delivering on our major project to transition Vista Cinema to a SaaS future
•We remain in dialogue with our partner in Vista China, however there is no current proposal to revisit our
proposed purchase of increased equity (which purchase process we terminated in March).
OUTLOOK
•In March we withdrew our guidance for 2020 and given the level of uncertainty in the industry globally, that
remains the case.
15

RESOLUTIONS
16

RESOLUTIONS
•Resolution1–That the Board is authorised to fix the fees and expenses
of PwC as auditor for the ensuing year.
•Resolution2–That Brian Cadzow be re-elected as a Director of Vista
Group.
•Resolution3–That James Ogden be re-elected as a Director of Vista
Group.
17

RESOLUTIONS
18
Resolution 1 –That the Board is authorised to fix the fees and expenses of PwC as auditor for
the ensuing year.

RESOLUTIONS
19
Resolution 1 –That the Board is authorised to fix the fees and expenses of PwC as auditor for
the ensuing year.
Confirmation of Proxies:
•Proxies and Postal Votes received:
•For157,535,337(99.61%)
•Proxy discretion606,613 (0.38%)
•Against5,808(0.01%)
•Abstain110,453

RESOLUTIONS
20
Resolution 2 –That Brian Cadzowbe re-elected as a Director of Vista Group.

RESOLUTIONS
21
Resolution 2 –That Brian Cadzowbe re-elected as a Director of Vista Group.
Confirmation of Proxies:
•Proxies and Postal Votes received:
•For156,179,297(98.75%)
•Proxy discretion606,567 (0.38%)
•Against1,366,009(0.87%)
•Abstain106,338

RESOLUTIONS
22
Resolution 3 –That James Ogdenbe re-elected as a Director of Vista Group.

RESOLUTIONS
23
Resolution 3 –That James Ogdenbe re-elected as a Director of Vista Group.
Confirmation of Proxies:
•Proxies and Postal Votes received:
•For157,476,608(99.56%)
•Proxy discretion606,567(0.38%)
•Against84,389(0.06%)
•Abstain90,647

QUESTIONS
GENERAL BUSINESS
24

CLOSING
25

IMPORTANT NOTICE
This presentation has been prepared by Vista Group International Limited (“Vista Group”).
Information in this presentation:
•is provided for general information purposes only, does not purport to be complete or comprehensive,and is
notanofferor invitation for subscriptionorpurchaseof, orsolicitationofanofferto buy or subscribe for,financial
productsin Vista Groupor anyofits related companies;
•does not constitutea recommendation orinvestmentor any other typeofadvice, and may not be relied upon in
connection with any purchase or saleoffinancial products in Vista Group or anyofits related companies;
•should be read in conjunction with, and is subject to, Vista Group’s financial statements, market releases and
informationavailableon Vista Group’s website (www.vistagroup.co.nz)and on NZX Limited’s website (www.nzx.com)
under ticker code VGL;
•may include projections or forward looking statements about Vista Groupand its related companiesand the
environmentsin whichtheyoperate. Such forward-looking statements are based onsignificant assumptions and
subjective judgements which are inherently subject torisks, uncertainties and contingencies outsideofVista Group’s
control. Although Vista Group’s management may indicate and believe the assumptions underlying the forward looking
statements are reasonable, any assumptions could prove inaccurate or incorrect and, therefore, there can be no
assurance that the results contemplated in the forward looking statements will be realised.Vista Group’s actual results or
performance may differ materially from any suchforward lookingstatements;and
•may include statements relating tothepast performanceofVista Group and/or its related companies, whichare not,
andshould not be regarded as,a reliable indicatoroffuture performance.
While all reasonable care has been taken in compiling this presentation, Vista Groupand its related companies, and their
respective directors, employees, agents and advisersaccept no responsibility for any errors or omissions.NoneofVista
Group or its related companies, or anyoftheir respective directors, employees, agents or advisers makes any representation
or warranty, express or implied, as to the accuracy or completenessofthe information in this presentation or as to the
existence, substance or materialityofany information omitted from this presentation.
Unless otherwise stated, all information in this presentation isexpressedat the dateofthis presentationand all currency
amounts are in NZ dollars.
26

VISTA GROUP 2020ANNUAL MEETING OF SHAREHOLDERS
28May 2020